Citi has chosen Google Cloud to transform its tech framework, addressing the pressure on global banks to modernise amid digital shifts.
- The partnership will bolster Citi’s trading operations, ensuring high-performance computing for millions of daily calculations.
- Google Cloud’s Vertex AI will be employed, aiming to enhance document processing and elevate customer service experiences.
- Security and compliance are pivotal, with Google Cloud offering robust multi-layered data protection and compliance certifications.
- This collaboration marks a significant step for Citi in scaling operations while maintaining regulatory adherence across its worldwide network.
Citi has engaged in a strategic partnership with Google Cloud to revamp its technological infrastructure, a decision driven by the increasing demand for digital transformation in global financial services. This move aims to strengthen Citi’s operational capabilities by adopting high-performance computing to efficiently manage its trading activities and perform millions of calculations every day.
The alliance, which is set to run over several years, is designed to improve Citi’s trading operations and digital services spread across more than 180 countries. A core component of this initiative is the transition to Google Cloud’s infrastructure, replacing existing systems to accommodate the complex needs of Citi’s markets division. This shift towards a scalable, cloud-based framework is expected to enhance the bank’s ability to respond to operational demands rapidly and effectively.
Tim Ryan, the Head of Technology and Business Enablement at Citi, highlighted the bank’s commitment to infrastructure modernisation to better serve its clients. By migrating numerous workloads and applications to Google Cloud, Citi intends to reduce its dependency on physical data centres, thus improving efficiency and agility.
Furthermore, Citi plans to integrate Google Cloud’s Vertex AI platform, which will be instrumental in refining its document processing capabilities and customer service operations. This implementation signifies a forward-thinking approach in leveraging artificial intelligence to drive innovation and efficiency across the bank’s global network.
Thomas Kurian, CEO of Google Cloud, expressed the importance of this partnership in bringing together Citi’s banking expertise with cutting-edge cloud and AI solutions from Google. Citi aims to use Google Cloud’s extensive security features, which include encryption protocols for data both at rest and in transit, offering additional assurance of safety and compliance necessary in financial sectors.
The enhanced security measures provided by Google Cloud, such as Confidential Computing and various compliance certifications, are particularly crucial for a regulated entity like Citi. As a result, the bank will be able to scale its computing resources based on demand while ensuring rigorous compliance with financial regulations. This flexibility enables Citi to develop better digital products and streamline its operational workflow across its global presence. Tim Ryan commented on the substantial potential that Google Cloud unlocks for running applications more efficiently, thus better equipping colleagues to meet client needs.
Citi’s alliance with Google Cloud marks a pivotal move towards operational modernisation and efficiency in the financial sector.
